On January 18, the Internal Revenue Service ("IRS") and the U.S. Department of the Treasury issued final regulations on the "pass through" deduction under section 199A[1] of the Internal Revenue Code (the "Code").

On December 13, 2018, the Internal Revenue Service and the Department of the Treasury released proposed regulations with respect to the "base erosion and anti-abuse tax" under section 59A of the Internal Revenue Code.

The IRS announced yesterday, in IR 2017-210 (the "Advisory"), that state property taxes must be "assessed" in 2017 in order for such taxes to be prepaid in calendar year 2017 and therefore deductible in 2017.

The U.S. Treasury Department and the Internal Revenue Service published on January 18, 2017 final regulations (the "Final Regulations") reducing from ten years to five years the recognition period for the corporate-level tax imposed on certain property dispositions by a real estate investment trust ("REIT") or a regulated investment company ("RIC") under Section 337(d), and otherwise generally adopting the approach set forth in prior temporary and proposed regulations.[